SUBSIDIARY GUARANTORS OF THE PUBLIC BONDS

The following tables present consolidated condensed financial information for (a) the Company (for purposes of this discussion and table, “Parent”); (b) the guarantors of the Public Bonds, which include substantially all of the domestic, 100% owned subsidiaries of the Parent (“Subsidiary Guarantors”); and (c) the wholly- and partially-owned foreign subsidiaries of the Parent, which do not guarantee the Public Bonds (“Non-Guarantor Subsidiaries”). Separate financial statements of the Subsidiary Guarantors are not presented because they are fully and unconditionally, jointly and severally liable under the guarantees, except for normal and customary release provisions.

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended June 20, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	133.5		$	985.3	$	182.3		$	(671.0	)	$	630.1
Cost of goods sold	102.8			830.7		101.7			(651.5		)	383.7
Gross profit	30.7			154.6		80.6			(19.5		)	246.4
Selling, general and administrative expenses	43.6			109.2		61.7			(19.4		)	195.1
Restructuring and impairment costs	1.1			0.6		2.0			—			3.7
Operating profit (loss)	(14.0		)	44.8		16.9			(0.1		)	47.6
Other expenses:
Interest expense, net	8.9			0.1		—			—			9.0
Other expense (income), net	2.2			0.3		(0.7		)	—			1.8
Total other expenses (income)	11.1			0.4		(0.7		)	—			10.8
Earnings (loss) before income taxes	(25.1		)	44.4		17.6			(0.1		)	36.8
Income tax expense (benefit)	(10.1		)	16.8		4.9			—			11.6
Earnings (loss) before equity in earnings of consolidated subsidiaries	(15.0		)	27.6		12.7			(0.1		)	25.2
Equity in earnings of consolidated subsidiaries	40.3			32.0		7.1			(79.4		)	—
Net earnings	25.3			59.6		19.8			(79.5		)	25.2
Less: net loss attributable to noncontrolling interest	—			—		(0.1		)	—			(0.1		)
Net earnings attributable to Wolverine World Wide, Inc.	$	25.3		$	59.6	$	19.9		$	(79.5	)	$	25.3

Comprehensive income	$	28.6		$	59.6	$	19.9		$	(79.7	)	$	28.4
Less: comprehensive loss attributable to noncontrolling interest	—			—		(0.2		)	—			(0.2		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	28.6		$	59.6	$	20.1		$	(79.7	)	$	28.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 12 Weeks Ended June 14, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	110.2		$	1,035.2		$	170.3		$	(702.2	)	$	613.5
Cost of goods sold	77.3			884.5			89.9			(684.0		)	367.7
Restructuring costs	—			—			0.1			—			0.1
Gross profit	32.9			150.7			80.3			(18.2		)	245.7
Selling, general and administrative expenses	43.2			105.3			60.8			(18.5		)	190.8
Acquisition-related integration costs	1.9			0.6			—			—			2.5
Restructuring costs	1.5			—			1.9			—			3.4
Operating profit (loss)	(13.7		)	44.8			17.6			0.3			49.0
Other expenses:
Interest expense (income), net	10.5			0.1			(0.1		)	—			10.5
Other expense (income), net	0.1			(0.9		)	0.8			—			—
Total other expenses	10.6			(0.8		)	0.7			—			10.5
Earnings (loss) before income taxes	(24.3		)	45.6			16.9			0.3			38.5
Income tax expense (benefit)	(9.1		)	17.1			2.9			—			10.9
Earnings (loss) before equity in earnings (loss) of consolidated subsidiaries	(15.2		)	28.5			14.0			0.3			27.6
Equity in earnings (loss) of consolidated subsidiaries	42.7			(10.8		)	2.2			(34.1		)	—
Net earnings	27.5			17.7			16.2			(33.8		)	27.6
Less: net earnings attributable to noncontrolling interest	—			—			0.1			—			0.1
Net earnings attributable to Wolverine World Wide, Inc.	$	27.5		$	17.7		$	16.1		$	(33.8	)	$	27.5

Comprehensive income	$	33.3		$	17.6		$	21.3		$	(38.8	)	$	33.4
Less: comprehensive income attributable to noncontrolling interest	0.2			—			0.1			—			0.3
Comprehensive income attributable to Wolverine World Wide, Inc.	$	33.1		$	17.6		$	21.2		$	(38.8	)	$	33.1

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 Weeks Ended June 20, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	269.3		$	1,933.0		$	373.5		$	(1,314.3	)	$	1,261.5
Cost of goods sold	201.3			1,627.1			205.6			(1,280.3		)	753.7
Gross profit	68.0			305.9			167.9			(34.0		)	507.8
Selling, general and administrative expenses	90.2			215.2			122.4			(33.9		)	393.9
Restructuring and impairment costs	1.5			1.2			—			—			2.7
Operating (loss) profit	(23.7		)	89.5			45.5			(0.1		)	111.2
Other expenses:
Interest expense (income), net	18.4			0.2			(0.1		)	—			18.5
Other expense (income), net	2.2			(0.9		)	(0.5		)	—			0.8
Total other expenses (income)	20.6			(0.7		)	(0.6		)	—			19.3
Earnings (loss) before income taxes	(44.3		)	90.2			46.1			(0.1		)	91.9
Income taxes (benefit)	(17.0		)	34.6			9.0			—			26.6
Earnings (loss) before equity in earnings of consolidated subsidiaries	(27.3		)	55.6			37.1			(0.1		)	65.3
Equity in earnings of consolidated subsidiaries	92.7			39.1			62.1			(193.9		)	—
Net earnings	65.4			94.7			99.2			(194.0		)	65.3
Less: net loss attributable to noncontrolling interests	—			—			(0.1		)	—			(0.1		)
Net earnings attributable to Wolverine World Wide, Inc.	$	65.4		$	94.7		$	99.3		$	(194.0	)	$	65.4

Comprehensive income	$	59.0		$	94.7		$	87.0		$	(182.1	)	$	58.6
Less: comprehensive loss attributable to noncontrolling interest	—			—			(0.4		)	—			(0.4		)
Comprehensive income attributable to Wolverine World Wide, Inc.	$	59.0		$	94.7		$	87.4		$	(182.1	)	$	59.0

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Operations and Comprehensive Income

For the 24 Weeks Ended June 14, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
Revenue	$	224.7		$	1,974.9		$	370.1		$	(1,328.6	)	$	1,241.1
Cost of goods sold	154.3			1,682.7			199.2			(1,297.1		)	739.1
Restructuring costs	—			—			0.5			—			0.5
Gross profit	70.4			292.2			170.4			(31.5		)	501.5
Selling, general and administrative expenses	81.6			210.2			121.4			(31.9		)	381.3
Acquisition-related integration costs	2.9			1.2			—			—			4.1
Restructuring costs	1.5			—			1.9			—			3.4
Operating profit (loss)	(15.6		)	80.8			47.1			0.4			112.7
Other expenses:
Interest expense (income), net	21.3			0.2			(0.1		)	—			21.4
Other expense (income), net	(0.3		)	(0.9		)	2.0			—			0.8
Total other expenses (income)	21.0			(0.7		)	1.9			—			22.2
Earnings (loss) before income taxes	(36.6		)	81.5			45.2			0.4			90.5
Income taxes (benefit)	(13.7		)	30.6			8.8			—			25.7
Earnings (loss) before equity in earnings of consolidated subsidiaries	(22.9		)	50.9			36.4			0.4			64.8
Equity in earnings of consolidated subsidiaries	87.5			48.8			35.8			(172.1		)	—
Net earnings	64.6			99.7			72.2			(171.7		)	64.8
Less: net earnings attributable to noncontrolling interests	—			—			0.2			—			0.2
Net earnings attributable to Wolverine World Wide, Inc.	$	64.6		$	99.7		$	72.0		$	(171.7	)	$	64.6

Comprehensive income	$	67.5		$	99.4		$	73.2		$	(172.4	)	$	67.7
Less: comprehensive income attributable to noncontrolling interest	—			—			0.2			—			0.2
Comprehensive income attributable to Wolverine World Wide, Inc.	$	67.5		$	99.4		$	73.0		$	(172.4	)	$	67.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of June 20, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	60.3		$	2.3		$	158.1		$	—		$	220.7
Accounts receivable, net	6.8			222.2			126.3			—			355.3
Inventories:
Finished products, net	79.5			277.3			82.4			—			439.2
Raw materials and work-in-process, net	(0.4		)	1.4			12.0			—			13.0
Total inventories	79.1			278.7			94.4			—			452.2
Deferred income taxes	12.8			14.0			1.4			—			28.2
Prepaid expenses and other current assets	62.3			(15.2		)	4.5			—			51.6
Total current assets	221.3			502.0			384.7			—			1,108.0
Property, plant and equipment:
Gross cost	237.2			156.8			35.3			—			429.3
Accumulated depreciation	(187.2		)	(81.0		)	(23.8		)	—			(292.0		)
Property, plant and equipment, net	50.0			75.8			11.5			—			137.3
Other assets:
Goodwill	7.8			353.0			75.7			—			436.5
Indefinite-lived intangibles	3.8			674.9			9.2			—			687.9
Amortizable intangibles, net	0.5			104.7			0.1			—			105.3
Deferred income taxes	—			—			2.9			—			2.9
Deferred financing costs, net	14.5			—			—			—			14.5
Other	48.1			10.1			4.0			—			62.2
Intercompany accounts receivable	22.2			2,560.2			611.5			(3,193.9		)	—
Investment in affiliates	3,233.9			1,039.3			967.0			(5,240.2		)	—
Total other assets	3,330.8			4,742.2			1,670.4			(8,434.1		)	1,309.3
Total assets	$	3,602.1		$	5,320.0		$	2,066.6		$	(8,434.1	)	$	2,554.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of June 20, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	51.9		$	89.2	$	61.0	$	—		$	202.1
Accrued salaries and wages	14.7			5.0		7.1		—			26.8
Other accrued liabilities	36.2			45.4		35.3		—			116.9
Current maturities of long-term debt	45.2			—		—		—			45.2
Total current liabilities	148.0			139.6		103.4		—			391.0
Long-term debt, less current maturities	787.3			0.6		—		—			787.9
Accrued pension liabilities	109.4			20.9		—		—			130.3
Deferred income taxes	(58.2		)	274.6		2.9		—			219.3
Other liabilities	14.7			10.4		2.2		—			27.3
Intercompany accounts payable	1,606.2			1,000.5		587.2		(3,193.9		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	994.7			3,873.4		1,366.8		(5,240.2		)	994.7
Noncontrolling interest	—			—		4.1		—			4.1
Total stockholders’ equity	994.7			3,873.4		1,370.9		(5,240.2		)	998.8
Total liabilities and stockholders’ equity	$	3,602.1		$	5,320.0	$	2,066.6	$	(8,434.1	)	$	2,554.6

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of January 3, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	11.4		$	3.3		$	209.1		$	—		$	223.8
Accounts receivable, net	18.8			181.4			112.5			—			312.7
Inventories:
Finished products, net	59.5			260.0			78.6			—			398.1
Raw materials and work-in-process, net	2.1			1.3			12.5			—			15.9
Total inventories	61.6			261.3			91.1			—			414.0
Deferred income taxes	12.8			14.0			1.3			—			28.1
Prepaid expenses and other current assets	24.8			21.4			17.4			—			63.6
Total current assets	129.4			481.4			431.4			—			1,042.2
Property, plant and equipment:
Gross cost	230.7			150.7			33.9			—			415.3
Accumulated depreciation	(183.3		)	(72.6		)	(22.6		)	—			(278.5		)
Property, plant and equipment, net	47.4			78.1			11.3			—			136.8
Other assets:
Goodwill	7.9			353.0			77.9			—			438.8
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.6			111.5			—			—			112.1
Deferred income taxes	—			—			2.8			—			2.8
Deferred financing costs, net	16.5			—			—			—			16.5
Other	49.8			11.9			3.1			—			64.8
Intercompany accounts receivable	22.1			2,225.4			621.1			(2,868.6		)	—
Investment in affiliates	3,158.2			608.8			1,221.3			(4,988.3		)	—
Total other assets	3,259.4			3,985.5			1,937.5			(7,856.9		)	1,325.5
Total assets	$	3,436.2		$	4,545.0		$	2,380.2		$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of January 3, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37.5		$	66.4	$	45.5	$	—		$	149.4
Accrued salaries and wages	23.2			6.0		6.9		—			36.1
Other accrued liabilities	31.6			40.9		36.0		—			108.5
Current maturities of long-term debt	46.7			—		—		—			46.7
Total current liabilities	139.0			113.3		88.4		—			340.7
Long-term debt, less current maturities	853.5			0.6		—		—			854.1
Accrued pension liabilities	106.6			21.5		—		—			128.1
Deferred income taxes	(60.7		)	274.7		3.0		—			217.0
Other liabilities	13.3			10.6		2.7		—			26.6
Intercompany accounts payable	1,451.0			734.5		683.1		(2,868.6		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	933.5			3,389.8		1,598.5		(4,988.3		)	933.5
Noncontrolling interest	—			—		4.5		—			4.5
Total stockholders’ equity	933.5			3,389.8		1,603.0		(4,988.3		)	938.0
Total liabilities and stockholders’ equity	$	3,436.2		$	4,545.0	$	2,380.2	$	(7,856.9	)	$	2,504.5

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets

As of June 14, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations			Consolidated
ASSETS
Current assets:
Cash and cash equivalents	$	29.0		$	4.2		$	199.2		$	—		$	232.4
Accounts receivable, net	19.4			286.1			128.8			—			434.3
Inventories:
Finished products, net	61.9			301.5			76.5			(0.3		)	439.6
Raw materials and work-in-process, net	1.4			1.3			17.5			—			20.2
Total inventories	63.3			302.8			94.0			(0.3		)	459.8
Deferred income taxes	15.3			12.6			0.6			—			28.5
Prepaid expenses and other current assets	45.0			(17.5		)	10.5			—			38.0
Total current assets	172.0			588.2			433.1			(0.3		)	1,193.0
Property, plant and equipment:
Gross cost	226.4			150.7			40.7			—			417.8
Accumulated depreciation	(177.4		)	(67.8		)	(26.6		)	—			(271.8		)
Property, plant and equipment, net	49.0			82.9			14.1			—			146.0
Other assets:
Goodwill	7.8			353.0			84.0			—			444.8
Indefinite-lived intangibles	4.3			674.9			11.3			—			690.5
Amortizable intangibles, net	0.4			119.7			0.1			—			120.2
Deferred income taxes	—			—			3.4			—			3.4
Deferred financing costs, net	20.0			—			—			—			20.0
Other	48.8			11.5			2.7			0.3			63.3
Intercompany accounts receivable	—			1,736.4			484.3			(2,220.7		)	—
Investment in affiliates	3,148.5			635.4			403.5			(4,187.4		)	—
Total other assets	3,229.8			3,530.9			989.3			(6,407.8		)	1,342.2
Total assets	$	3,450.8		$	4,202.0		$	1,436.5		$	(6,408.1	)	$	2,681.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Balance Sheets - continued

As of June 14, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors		Non-Guarantor Subsidiaries		Eliminations			Consolidated
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37.1		$	81.7	$	47.1	$	—		$	165.9
Accrued salaries and wages	14.5			8.2		8.8		—			31.5
Other accrued liabilities	31.8			28.8		28.7		—			89.3
Current maturities of long-term debt	48.4			—		—		—			48.4
Total current liabilities	131.8			118.7		84.6		—			335.1
Long-term debt, less current maturities	1,082.2			0.7		—		—			1,082.9
Accrued pension liabilities	63.1			11.2		—		—			74.3
Deferred income taxes	(37.0		)	287.6		4.3		—			254.9
Other liabilities	13.4			10.3		2.4		—			26.1
Intercompany accounts payable	1,293.4			412.6		514.7		(2,220.7		)	—
Stockholders’ equity:
Wolverine World Wide, Inc. stockholders’ equity	903.9			3,360.9		826.5		(4,187.4		)	903.9
Noncontrolling interest	—			—		4.0		—			4.0
Total stockholders’ equity	903.9			3,360.9		830.5		(4,187.4		)	907.9
Total liabilities and stockholders’ equity	$	3,450.8		$	4,202.0	$	1,436.5	$	(6,408.1	)	$	2,681.2

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 Weeks Ended June 20, 2015

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	136.1		$	3.6		$	(44.8	)	$	—	$	94.9
INVESTING ACTIVITIES
Additions to property, plant and equipment	(7.6		)	(6.3		)	(1.9		)	—		(15.8		)
Other	1.5			1.7			—			—		3.2
Net cash used in investing activities	(6.1		)	(4.6		)	(1.9		)	—		(12.6		)
FINANCING ACTIVITIES
Payments on long-term debt	(67.7		)	—			—			—		(67.7		)
Cash dividends paid	(12.3		)	—			—			—		(12.3		)
Purchase of common stock for treasury	(5.9		)	—			—			—		(5.9		)
Purchases of shares under employee stock plans	(7.5		)	—			—			—		(7.5		)
Proceeds from the exercise of stock options	8.5			—			—			—		8.5
Excess tax benefits from stock-based compensation	3.8			—			—			—		3.8
Net cash used in financing activities	(81.1		)	—			—			—		(81.1		)
Effect of foreign exchange rate changes	—			—			(4.3		)	—		(4.3		)
Increase (decrease) in cash and cash equivalents	48.9			(1.0		)	(51.0		)	—		(3.1		)
Cash and cash equivalents at beginning of the year	11.4			3.3			209.1			—		223.8
Cash and cash equivalents at end of the period	$	60.3		$	2.3		$	158.1		$	—	$	220.7

WOLVERINE WORLD WIDE, INC. AND SUBSIDIARIES

Consolidated Condensed Statements of Cash Flow

For the 24 Weeks Ended June 14, 2014

(Unaudited)



(In millions)	Parent			Subsidiary Guarantors			Non-Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	47.8		$	(2.1	)	$	19.9		$	—	$	65.6
INVESTING ACTIVITIES
Additions to property, plant and equipment	(3.5		)	(7.9		)	(1.1		)	—		(12.5		)
Investment in joint venture	—			—			(0.7		)	—		(0.7		)
Other	(0.8		)	(0.8		)	—			—		(1.6		)
Net cash used in investing activities	(4.3		)	(8.7		)	(1.8		)	—		(14.8		)
FINANCING ACTIVITIES
Payments on long-term debt	(19.4		)	—			—			—		(19.4		)
Cash dividends paid	(12.0		)	—			—			—		(12.0		)
Purchases of shares under employee stock plans	(9.4		)	—			—			—		(9.4		)
Proceeds from the exercise of stock options	3.8			—			—			—		3.8
Excess tax benefits from stock-based compensation	3.7			—			—			—		3.7
Net cash used in financing activities	(33.3		)	—			—			—		(33.3		)
Effect of foreign exchange rate changes	—			—			0.7			—		0.7
Increase (decrease) in cash and cash equivalents	10.2			(10.8		)	18.8			—		18.2
Cash and cash equivalents at beginning of the year	18.8			15.0			180.4			—		214.2
Cash and cash equivalents at end of the period	$	29.0		$	4.2		$	199.2		$	—	$	232.4